Phenolic and epoxy resins are well known to the coatings industry. In some cases, in order to obtain the best properties of each system, phenolic resins and epoxy resins are used as mixtures, achieving thereby the most advantageous combination of chemical resistance and flexibility. This approach has been used with success to provide serviceable internal coatings for cans (Whitehouse, Phenolic Resins, American Elsevier 1968, p. 134). The rigorous coating properties required for this use have heretofore been met by the use of relatively high molecular weight phenolic resins in admixture with high molecular weight epoxy resins of the bis-phenol/epichlorohydrin condensation type. These two resins are usually mixed in up to approximately 75% epoxy 25% phenolic (Phenolic Resins p. 28). In order to obtain coatings systems which can be conveniently applied by conventional techniques such as roller coating, the resin must be of sufficiently low viscosity. For use in the can industry, viscosities in the order of 100-1000 cps are advisable. This restriction requires the use of significant amounts of solvent to dissolve the high molecular weight components, resulting in solutions of 25-45% solids. The use of this high level of solvent is wasteful, environmentally undesirable and expensive.